This week we shared some news (via email from Mindy) about necessary increases to certification fees that will be gradually introduced to existing B Corps over the next 15 months. Below is a short summary and we invite you to learn more on our website and share any feedback or queries with us.
From 1 April 2023, for new companies seeking certification, our annual certification fees have increased and start at $2,500 (AUD/NZD), with a new one-off verification fee applied during certification. View fees for new companies on our website.
How does this affect existing B Corps?
For existing B Corps, as valued early adopters of this movement, we are providing additional support and time to plan for and adapt to these changes. This means:
- The verification fee will not apply to you.
- Increased annual certification fees will be phased in over 15 months:
- a first increase of 15% will apply from 1 July 2023, and
- remaining increases including the new minimum certification fee of $2,500 will be introduced from 1 July 2024.
- We are also exploring ways we can support people in the movement who may be facing systemic barriers to business ownership, and we expect to share an equity pricing update with you in July this year.
We understand that the financial impact of this change will be bigger for our smaller Bs, so we’re also developing new offerings, especially for these smaller companies. We would love to receive your input and ideas as these are developed over the next year.
Why are the fees going up?
In recent years, there has been extraordinary growth and interest in B Corp Certification and the B Impact Assessment tool as more businesses seek to measure and improve their impact. While keeping up with the growing demand and momentum of the movement, B Lab remains committed to maintaining the rigour of our verification process and evolving our standards. B Corps know first-hand that this important work is complex and resource-intensive for everyone involved - and that great value is derived from both the process of improvement and the certification itself.
These factors, together with rising inflation and operating costs across the globe, have led us to revisit our pricing model for only the second time in ten years. As a purpose-driven not-for-profit, B Lab Australia & Aotearoa New Zealand (AANZ) is introducing increased certification fees to support our organisation’s ongoing viability and the skilled teams behind B Corp Certification.
The fee changes ensure that certification pricing more closely reflects our true costs and is viable at every fee level. In the future, this will also enable us to strengthen and expand services for B Corps in our region.
More anticipated FAQs are available on our website and your feedback and ideas are always welcome. We also encourage you to join us at our next Community Q&A to join an open dialogue on all things B Corp and B Lab.
For those of you having a break over this Easter weekend, I hope it’s a restful and rejuvenating one.